One of the biggest challenges facing businesses is managing to stay afloat financially. If you don’t control your expenditure, your business suffers and it can even mean you go under before you’ve really got started. But, if you follow these money saving tips your business can keep running – and maybe even grow and expand.
1. Be selective with your staff
Think carefully about the people you hire. Consider whether you can afford to take on staff with less work experience – they’ll be looking for entry level salaries – but ensure that they’re capable for the job before you hire just anyone. Also try to gauge how loyal you think any potential staff might be from the outset, which brings us to tip number two:
2. Be good to your employees
A high turnover is never good for business. You waste valuable money advertising for new staff, and valuable time reading through applications and interviewing the candidates. So, retaining your best staff is imperative to keeping your expenditure down.
3. Look at the way you operate day to day
Check and double check your everyday expenditures. If you buy food in for you staff, see if there’s a local business that will offer you a good deal of bulk buying. The simple things can really add up – so look closely at things like supplies and maintenance and look to see if you could be running things more cost effectively.
4. Keep on top of your accounting
One late payment from a client can be enough to topple your business over the edge. As well as monitoring your expenditures, make sure your incoming cash flow is steady and any payments are made on time.
Learn everything you can about social media and marketing, so you can give it a go yourself. The world of marketing is vast and the internet is a fountain of knowledge on the subject, but you can also take relatively cheap training courses that will teach you the basics. This can help to keep pricey expenditures low, at least when your business is just starting out and is still relatively small.
6. Manage your fleet efficiently
Many businesses incur costs from their fleet, but fail to manage it effectively. Sourcing vehicles for lower prices and managing fuel effectively can help you to reduce your outgoing cash flow dramatically.
7. Go Green
You’ve probably heard this advice a hundred times before, but it does actually work. Going green not only saves the planet, but it saves you money, too. Energy efficiency is a big part of this – and that’s where Enerteq comes in. We can help you procure energy for less, helping your businesses’ premise to run more efficiently.
If you’re looking to save money, the Teq Group can help your business with a number of services. Find out more here.